Last week, I introduced a new blogging series about winning bidding wars on the Triangle area real estate market.
This skillset is becoming increasingly crucial, especially as the demand for homes in the area continues to rise.
Today, I’m going to share with you the first of 10 tips on how to win in a multiple offer situation without having to pay too much.
Tip 1: Understand That You May Not Know There Are Multiple Offers Up Front
A lot of times in the recent past, home buyers making a purchase offer on a property have assumed they are the only ones making an offer.
Why? Because for a few years now, the market has strongly favored home buyers. That means that there were more homes for sale on the market then interested home buyers, giving those buyers who were navigating the market the upper hand.
But times have changed. Now, pent-up home buyer demand is flooding the market and available home listings can’t keep up.
Thus, when you make a purchase offer on a home, don’t assume you’re the only offer the seller is going to receive.
In fact, Standards of Practice 1-15 in the National Association of Realtors Code of Ethics says it’s the seller’s prerogative to allow their agent to inform buyers of multiple offer situation. Or not.
While this may not seem fair, there are ways to get the upper hand as a buyer. First, it’s important to select an experienced Exclusive Buyer Agent to work with.
Why? Because when you do, you’ll be working with someone who knows how to prepare for a multiple offer situation:
- Before writing an offer on any home, your agent will call the Listing Agent to ask if there are any other offers. This is crucial because there is a lag time between signing a contract and MLS and all Internet sites being updated. Usually that time frame is anywhere from 24 to 72 hours. Thus, it’s an important step for your agent to touch base with the other agent. That lag time can be 24 to 72 hours.
- Next, an experienced agent will know to update the Centralized Showing Service with feedback on a home that you’re interested in purchasing before you ever leave the driveway. In most cases, what you write will go directly to the seller, giving them notice that someone is interested in their home. It’s an added precaution you can take to make sure that your interest is on the seller’s radar.
- Finally, an experienced agent will give you the expertise you need to win a multiple offers situation. The hottest areas for multiple offers right now are North Raleigh, Cary, Inside the Beltline (old Raleigh) and Chapel Hill. This is not the time to let your friend or relative with a new real estate license represent you. You want someone who lives and breathes Raleigh real estate to represent you if you want a successful outcome. Look for a well-known, big branded agent who has a proven track record for closing thousands of homes. This will ultimately increase your odds of winning a multiple offer situation.
Raleigh Area Home Buyers Find Help Here!
Check back here next week as I continue my list of Top 10 Tips for How to Win a Bidding War in the Raleigh area.
In the meantime, if you’re ready to take that next step toward purchasing your own property on the Raleigh area real estate market, please take a moment to contact me, Linda Craft, and my team of real estate experts.
We would be happy to help make your home buying dream a reality!
Until next time,
Linda